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Minister welcomes enhanced capital allowances for Enterprise Zones

The Business Minister, Edwina Hart, has welcomed the Chancellor’s announcement of enhanced capital allowances for plant and machinery for the Ebbw Vale and Haven Waterway Enterprise Zones.
Tuesday 18 December 2012

Ebbw Vale and Haven now join Deeside as the three Enterprise Zones in Wales with Enhanced Capital Allowances. The Enhanced Capital Allowances will be available in specific areas of the enterprise zones. Details and maps of those areas will be announced shortly.

Mrs Hart said:

“I am pleased the Chancellor has now announced enhanced capital allowances for specific sites within the Ebbw Vale and Haven Waterway Enterprise Zones, in addition to the allowances already available at certain sites in Deeside. This will help them become more competitive and encourage new investment.”

Nick Bourne, chairman of the Haven Waterway, said:

“I am delighted there will be enhanced capital allowances for the Haven Waterway Enterprise Zone. These allowances will be critical in helping us develop as a major hub for the energy sector.”

Gareth Jenkins, chairman of the Ebbw Vale Enterprise zone, said:

“This is an important step forward for the Ebbw Vale Enterprise Zone. This will help us attract the biggest and best companies whilst also supporting existing businesses with major growth plans.”

The Business Minister also gave a cautious welcome to the Chancellor’s decision to extend the temporary doubling of the Small Business Rate Relief for a further 12 months and to exempt all newly built commercial property, completed between 2013 and 2016, from empty property rates for the first 18 months. Both were key recommendations in Professor Brian Morgan’s review of business rates in Wales.

Mrs Hart said:

“I am pleased to see the Chancellor has responded positively to our requests to extend Small Business Rates Relief and to introduce a longer grace period before empty property rates are applied.

However, I believe they could have gone further and I will continue to press for further changes to empty property rates. Businesses need certainty and a one year extension of small business rate relief does not offer that. I will continue to fight for the best deal for Welsh businesses.”

Professor Brian Morgan said:  

“It is encouraging to see that the UK Government agrees with the findings of our review on the importance of extending small business rates and the period of exemption from empty property rates.

Although business rate reliefs are not a panacea for economic regeneration they can make a difference as part of a wider strategy to support the government’s sectoral priorities, stimulate investment and generate competitive advantage.”

 

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Business and economy 18 December 2012 Economy Programme for Government - Growth Regeneration South East Wales South West Wales
 
 

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